- /'set(ə)lmənt/ noun1. the payment of an account♦ we offer an extra 5% discount for rapid settlement we take a further 5% off the price if the customer pays quickly♦ settlement in cash or cash settlement payment of an invoice in cash, not by cheque2. an agreement after an argument or negotiations● a wage settlement♦ to effect a settlement between two parties to bring two parties together to make them agree▪▪▪‘…he emphasised that prompt settlement of all forms of industrial disputes would guarantee industrial peace in the country and ensure increased productivity’ [Business Times (Lagos)]
Dictionary of banking and finance. 2015.